VANCOUVER, Jan. 10, 2018 /CNW/ - Rye Patch Gold Corp. ("Rye Patch" or the "Company") (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) announces that the TSX Venture Exchange (the "TSX-V") has approved a proposed share consolidation by the Company (the "Share Consolidation") on the basis of one (1) post-consolidation common share for every 6.5 pre-consolidation common shares.
Effective as of the opening of markets on Friday, January 12, 2018, the Company will commence trading on the TSX-V on a consolidated basis under its existing name, Rye Patch Gold Corp. The post-consolidated common shares of the Company will be assigned a new CUSIP number of 783727407 (ISIN CA7837274074). Management anticipates that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company's ability to raise additional capital at a higher price per common share which may appeal to a broader base of potential investors.
"The share consolidation and price will better reflect the space that Rye Patch now occupies as a mining company, given that it has now achieved commercial production," stated William C. Howald, the Company's President and CEO. "The previous share structure resulted from the Company's ten‑year history as a mineral exploration company and the consolidation will position the Company strategically for its next phase of development as it looks to expand its production base."
As at the date hereof, there are an aggregate of 427,160,783 common shares issued and outstanding. It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 65,717,043 common shares issued and outstanding.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada focused, Tier 1, precious metal mining company engaged in the mining, development and exploration of a 180 square kilometre land package along the prospective Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the Florida Canyon Gold mining operation, Rye Patch now controls a trend-scale platform with mining operations, resource projects and significant exploration potential. The combination of mining and a growth profile along a major Nevada gold trend positions Rye Patch to become an emerging North American mid-tier precious metal producer. For more information, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Rye Patch Gold
For further information: For additional information contact: Rye Patch Gold Corp, [email protected], Tel.: (604) 638-1588, Fax: (604) 638-1589